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June 29, 2023
WTI crude oil is on a 7 day downtrend Today is looking a bit better: West Texas crude drops from $69.56 to $69.19 per barrel, losing 37 cents (0.53%) today.
United States Fed Chair Powell speech is next.
Uncertainty around WTI crude oil is reflected by published market data as Crude Oil Inventories in United States fell short of market expectations (-1.76 million) with a reading of -9.60 million, continuing the decline from the previous figure of -3.83 million. United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.
Crude Oil is approaching key support, around $1.64 away from $67.55. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. US crude oil's upper Bollinger Band® is at $72.84 and the lower is $67.31.
Despite muted price action in US crude oil, chart analysis indicates it is positioned for a bullish run in the short term.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as today at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.4 from the preceding figure of 2.6. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 266,000 from the preceding figure of 264,000. United States Core PCE Price Index (MoM) (May) scheduled to come out tomorrow at 12:30 UTC.
WTI crude oil hit a significant low of $67.25 around 17 days ago, but has since recovered 3.43%.
